News Ether Price Analysis - ETH/USD Forecast: Bullish Channel Intact

Ether Price Analysis – ETH/USD Forecast: Bullish Channel Intact

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Ether is following a bullish channel against the US Dollar. ETH/USD has to stay above $325.00-320.00 to continue moving higher.

Technically, the 2-hour chart indicators are aligned perfectly in the bullish territory for further upsides.

Ether Price Short-term Correction Underway

The ETH/USD pair closed the week on a positive note, trading at a new intraday high of $337.31. On the other hand, ETH/BTC closed a dull and bearish week that kept the pair below the 0.080BTC level.

Ethereum ETH/USD Forecast

The 2-hour chart of ETH/USD highlights a picture perfect bullish trend. The pair started an uptrend from the $285.00 swing low and traded as high as $345.24. Later, it corrected lower to $290.00 and is currently recovering nicely in a bullish path.

There is a crucial ascending channel forming with support at $325.00. The pair recently tested the channel resistance below $340.00 before moving down.

At present, the pair is trading near the channel support area at $325.00 that holds a lot of significance in the short term. Below $325.00, there would be a decline towards a key connecting bullish trendline at $320.00.

The $325.00 and $320.00 support levels would contain further slides in Ether’s price. Should there be a break below $320.00, the price could test the $305.00 support zone.

Ether Price Technical Analysis Chart

The 30-minute chart of ETH/USD also suggests the importance of the $325.00 support. There is a bullish trendline and a horizontal support in place at that mark.

On the upside, there is a bearish trendline forming with resistance at $328.00. A successful close above $328.00 would complete the current correction wave and push the price back towards $340.00.

Bullish scenario sees a lift in ETH/USD above initial barriers at $335.00 for a retest of $337.31 and a final push towards a target of $340.00.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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Ether Price Analysis - ETH/USD Forecast: Bullish Channel Intact
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